A private equity consortium of Indian private equity firm Motilal Oswal Private Equity (MOPE) and peer InvAscent have purchased about 70 percent stake in biotechnology company Symbiotec for $100 million.
The stake was sold by UK-based private equity firm Actis Capital, valuing India's Symbiotec at $140 million. Actis acquired its stake in Symbiotec in 2013 for about $48 million.
MOPE revealed that it acquired the stake via its third venture capital fund, India Business Excellence Fund III, and InvAscent via its arm Rosewood Investments.
In the fiscal year 2019, Symbiotec targets a revenue of $78.4 million.